A common concern for people considering bankruptcy is how long it will stay on their record. The answer depends in part on the type of bankruptcy a person files.
If you file Chapter 7 bankruptcy, the fact that you filed bankruptcy will likely remain on your credit report for ten years. If you file for Chapter 13, your bankruptcy will probably stay on your credit report for seven to ten years.
You can learn more about life after bankruptcy by contacting a local bankruptcy lawyer today. To arrange a free consultation with an attorney in your area, simply fill out the quick case review form below:
Those who are curious about how long bankruptcy stays on their records may also be wondering which types of documents record proof of their bankruptcy.
Evidence that a person has filed bankruptcy typically appears in:
In addition to these two main forms of bankruptcy records, public figures and celebrities may see news of their bankruptcies in newspapers, as anyone can request this information from bankruptcy courts.
However, people who are not famous usually do not need to fear paparazzi pouring through their financial records. Thus, most filers will likely not see their bankruptcy publicized.
The length of bankruptcy's imprint on your credit report depends in part on the type of bankruptcy you file:
The negative impact of bankruptcy, however, does not typically last as long, since the fresh start that bankruptcy provides allows a person to shed the burden of debt and begin building a healthy financial picture.
While bankruptcy may linger on a person's credit score, the debt-reducing effects of bankruptcy may take effect immediately.
As a result, many filers may find that seeking debt relief today is worth the appearance of a bankruptcy on their credit report.